American Opportunity Tax Credit: Peter and Izzy are married, file a joint return, and have twin...
American Opportunity Tax Credit: Peter and Izzy are married, file a joint return, and have twin dependent children, Mason & Jason. Mason & Jason are both juniors in college and this year their parents paid $2,800 each for their tuition and $3,000 each for their dorm rooms. Peter and Izzy earn a modest amount of income and their AGI is below any phase-out levels. Calculate the total AOTC that Peter and Izzy can claim on their tax return related to Mason & Jason’s college expenses
Homework Answers
American Opportunity Tax Credit [2*(2000+800*25%) ] = $ 4,400
AOTC is 100% of the first $2,000 of qualified education expenses and 25% of the next $2,000 of qualified education expenses.
The $3,000 paid for their dorm rooms doesn't qualify as qualified education expenses.
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2.
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